New York Times columnist Paul Krugman, winner of the Nobel Prize for Economics, is praising French economist Thomas Piketty, who wrote in his best-selling book, Capital in the 21st Century, that the "wealthy oligarchs" must be taxed by the United Nations in order to share the wealth.

According to BBC News, "To halt this "drift toward oligarchy", Mr Piketty calls for new a progressive tax on capital - preferably a global one, to prevent wealth from being moved to low-tax nations."

Krugman argues that the meritocracy class are earning too much money and they should be taxed in a progressive nature.

As reported by the BBC, "Krugman writes that Capital "demolishes that most cherished of conservative myths, the insistence that we're living in a meritocracy in which great wealth is earned and deserved."